New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Theranostics Global Market Report 2023" - https://www.reportlinker.com/p06486603/?utm_source=GNW
, Foundation Medicine, Qiagen NV, GE Healthcare, Siemens Healthineers, AstraZeneca plc, and Genomic Health Inc.
The global theranostics market is expected to grow from $88.45 billion in 2022 to $98.91 billion in 2023 at a compound annual growth rate (CAGR) of 11.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The theranostics market is expected to reach $148.39 billion in 2027 at a CAGR of 10.6%.
The theranostics market consists of revenues earned by entities by providing genetic testing, targeted therapy services, contract development and manufacturing services.The market value includes the value of related goods sold by the service provider or included within the service offering.
The theranostics market also includes of sales of companion diagnostics, nanomedicine and 2D nano-theranostics materials.Values in this market are "factory gate" values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Theranostics is a medical field combining therapeutics and diagnostics into a single, integrated approach. It involves developing and applying diagnostic tests that not only detect diseases or conditions but also provide information to guide personalized therapeutic interventions.
North America was the largest region in the theranostics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in theranostics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of theranostics are listed by disease type, including neurological disorders, cardiovascular diseases, immunological disorders, oncology diseases, and others.Neurological disorders refer to a range of conditions that affect the brain, spinal cord, and nerves, resulting in various symptoms and impairments that are treated by theranostics to facilitate accurate diagnosis, monitor disease progression, and guide personalized treatment approaches.
The diseases are treated by different theranostics technologies, including polymerase chain reaction, immunohistochemistry, in-situ hybridization, sequencing, and others, which are employed by end users such as hospitals and clinics, diagnostic laboratories, and others.
The rising prevalence of cancer is expected to propel the growth of the theranostics market going forward.Cancer refers to uncontrolled cell growth, which impacts various organs and contributes to significant morbidity and mortality worldwide.
Theranostics, the integration of therapeutics and diagnostics, offers promising potential in cancer and chronic disease management.This approach enables personalized and targeted treatments by combining diagnostic and therapeutic capabilities, presenting opportunities for innovation in the healthcare industry.
Hence, the increase in number of cancer patients will contribute to the growth of the theranostics market. For instance, in January 2022, according to the National Cancer Institute (NCI), a US-based government agency of the National Institutes of Health (NIH) dedicated to cancer research, prevention, and treatment, In the United States, approximately 5.4% of the population, or 18.1 million individuals, are cancer survivors. In addition, there were 623,405 people living with metastatic breast, prostate, lung, colorectal, or bladder cancer or metastatic melanoma in 2022, a number projected to rise to 693,452 by 2025. Therefore, the rising prevalence of cancer is driving the theranostics market.
The integration of imaging and treatment technologies is a key trend gaining popularity in the theranostics market.Major companies operating in the theranostics market are integrating multiple imaging and treatment technologies to provide more accurate and personalized treatments for a wide range of medical conditions, enhance patient care, and sustain their position in the market.
For instance, in March 2021, GE HealthCare Technologies Inc., a US-based medical technology company, launched StarGuide, latest SPECT/CT technology, aimed at facilitating research for clinicians. This advanced system incorporates the latest Cadmium Zinc Telluride (CZT) technology, which enables healthcare providers to gain deeper insights into patient conditions and improve patient outcomes across various care areas. With its digital focus detectors and 360-degree imaging, StarGuide is expected to bolster precision health and enhance theranostic capabilities in nuclear medicine.
In March 2023, Radiopharm Theranostics, an Australia-based biotechnology company specializing in radiopharmaceutical products, acquired Pharma15 Corporation for $4 million.Through this acquisition, Radiopharm aims to explore the potential of next-generation radiopharmaceuticals for the treatment of prostate cancer, with a focus on surpassing PSMA-based therapies and advancing innovative solutions for patients.
Pharma15 Corporation is a US-based pharmaceutical company that specializes in the development of radio-immuno-theranostic platforms and pharmaceutical products.
The countries covered in the theranostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The theranostics market research report is one of a series of new reports that provides theranostics market statistics, including the theranostics industry’s global market size, regional shares, competitors with a theranostics market share, detailed theranostics market segments, market trends and opportunities, and any further data you may need to thrive in the theranostics industry. This theranostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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